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An e-commerce payment system facilitates the acceptance of electronic payment for online
transactions. Also known as a sample of
Electronic Data Interchange (EDI), e-commerce payment systems have
become increasingly popular due to the
widespread use of the internet-based shopping and banking. In the early years,
many consumers were
apprehensive
of using their credit and debit cards over the internet because of the perceived
increased risk of fraud.
There are numerous different payments systems available for online merchants.
These include the traditional credit, debit and charge card but also new
technologies such as digital
wallets, e-cash, mobile
payment and e-checks. Another form of payment system is allowing a
3rd party to complete the online transaction
for you. These companies are called Payment Service Providers (PSP).
Credit Cards and Smart Cards
Over the years, credit cards have become one of the most common forms
of payment for e-commerce transactions. In North America almost 90% of online B2C transactions were made with this payment
type. Increased security measures such as the use of the
card verification number (CVN) which detects fraud by comparing the
verification number on the printed on the signature strip on the back of the
card with the information on file with the cardholder's issuing bank. Also
online merchants have to comply with
stringent rules
stipulated by the credit and debit card issuers (Visa and MasterCard) this means that merchants must have
security protocol and procedures in place to ensure transactions are more
secure.
Despite this widespread use in North America, there are still a large number of
countries such as China, India and Pakistan that have some problems to overcome
in regard to credit card security. In the meantime, the use of smartcards has
become extremely popular. A Smartcard
is similar to a credit card; however it contains an
embedded
8-bit microprocessor and uses electronic cash which transfers from the
consumers’ card to the sellers’ device. A popular smartcard initiative is the
VISA Smartcard. Using the VISA Smartcard you can transfer electronic cash to
your card from your bank account, and you can then use your card at various
retailers and on the internet.
There are companies that enable financial transactions to transpire over the
internet, such as PayPal. Many of the
mediaries
permit consumers to establish an account quickly, and to transfer funds into
their on-line accounts from a traditional bank account, and vice versa, after verification of
the consumer's identity and authority to access such bank accounts. Also, the
larger mediaries further allow transactions to and from credit card accounts, although such credit card
transactions are usually
assessed a fee
(either to the
recipient
or the sender) to
recoup
the transaction fees charged to the mediary.
Electronic Bill Presentment and Payment
Electronic bill
presentment
and payment (EBPP) is a fairly new technique that
allows consumers to view and pay bills electronically. There are a significant
number of bills that consumers pay on a regular basis, which include: power
bills, water, oil, internet, phone service, mortgages, car payments etc. EBPP
systems send bills from service providers to individual consumers via the
internet. The systems also enable payments to be made by consumers, given that
the amount appearing on the e-bill is correct.
The biggest difference between EBPP systems and the traditional method of bill
payment, is that of technology. Rather than receiving a bill through the mail,
writing out and sending a check, consumers receive their bills in an email, or
are prompted to visit a website to view and pay their bills.
Three broad models of EBPP have emerged. These are:
-
Consolidation, where numerous bills for any one recipient are made available
at one Web site, most commonly the recipient's bank. In some countries, such as
Australia, New Zealand and Canada, the postal service also operates a
consolidation service. The actual task of consolidation is sometimes performed
by a third party and fed to the Web sites where consumers receive the bills. The
principal attraction of consolidation is that consumers can receive and pay
numerous bills at the one location, thus minimizing the number of login IDs and
passwords they must remember and maintain.
-
Biller Direct, where the bills produced by an organization are made
available through that organization's Web site. This model works well if the
recipient has reasons to visit the biller's Web site other than to receive their
bills. In the freight industry, for example, customers will visit a carrier's
Web site to track items in transit, so it is reasonably convenient to receive
and pay freight bills at the same site.
-
Direct email delivery, where the bills are emailed to the customer's inbox.
This model most closely imitates the analog postal service. It is convenient,
because almost everyone has email and the customer has to do nothing except use
email in order to receive a bill.
Major providers of outsourced bill production services have developed facilities
to process bills through consolidation, biller direct and email delivery
services, thus enabling major billers to have all their bills, paper and
electronic, processed through the one service. Niche service providers in many
countries provide one or two of these models, but generally do not integrate
with paper bill production.
Extracted from www.wikipedia.org |
online transactions -
электронная денежная операция
apprehensive
- полный страха, тревоги
fraud
-
обман, мошенничество
digital wallet
- электронный кошелек
e-cash
- электронные деньги
mobile payment
- мобильный платеж
e-checks
- электронные чеки
card verification number (CVN)
номер подтверждения карты
stringent rules
- обязательные правила
embedded
-
встроенный
mediary
-
посредник
assess a fee
-
устанавливать комиссию
recipient
- получатель
recoup
- возмещать, компенсировать
presentment
- предъявление
consolidation
- объединение
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